Markets up on positive Fed sentiments

The Philippine Stock Exchange index remained in the green on Friday after it closed at 6,752.50, gaining by 46.07 points or 0.69 percent as investors stay on a wait-and-see game over the forthcoming speech of Fed Chair Jerome Powell at Jackson Hole.

Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said the local bourse’s performance on the last trading day of the week was in line with other Asian markets.

“The net inflow of foreign investments worth $625.15 million year-to-date boosted investors’ sentiment as well,” she added.

Meanwhile, Luis Limlingan, Head of Sales at the Regina Capital Development Corp., pointed out that investors are also keeping tabs on one of the Fed’s preferred inflation gauges, the personal consumption expenditure index report, which is due on Friday.

Upon Friday’s closing, PSEi’s net market value turnover was posted at P5.27 billion. Miners and Services were in the red territory, down by 0.73 percent and 0.17 percent, respectively.

On the other hand, Index gainers were led by JG Summit Holdings, Inc., while ACEN Corporation declined the most by 6.84 percent after one of its shareholders sold shares lower than its previous price.

Relatedly, oil slipped in volatile trading Thursday on possible Iran oil exports and rising interest rate worries. Brent crude tumbled by 1.9 percent to $99.34 per barrel, while the U.S. WTI crude plunged by 2.5 percent to $92.52 per barrel.

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